Dunedin Property Report - December 2021 (Nov 2021 stats)

The city held fairly steady for November with a median sale price of $650,000. This is a 9.8% increase on November 2020. 

It is pleasing to see sale numbers up to 212 from 168 in the previous month. This increase is likely, in-part, to far more properties being available on the market. The number of properties for sale has lifted from 276 this time last month, to 461 on the day this report was written. We are already encountering people who have decided to bring forward their plans to sell now that they are able to more easily find a property to purchase.

This greater choice for purchasers tends to reduce the numbers at open homes but those attending are often well qualified, serious buyers for that property. When this factor is combined with the lower number of unconditional buyers in the market due to stricter lending criteria, we expect to see fewer highly competitive situations at offer time. We are already hearing of auctions being cancelled due to a lack of unconditional buyers attending. This has not significantly affected the deadline process that we use as it is easier for conditional buyers to be involved if they need to do final checks with the bank before confirming a sale.

The number of days to sell remained at 28 but we expect this to extend in the coming months due to the holidays and people taking a little longer to make purchasing decisions because more properties are available.

The $1 million plus sales range continues to be very active with 42 sales at or above that level, including eight sales over $2 million.

There were only five section sales for the month spread across the city with plenty of people still keen to build but land, materials and available builders are scarce.

Joe Nidd AREINZ
Owner/Principal